Oil prices inch down as oversupply concerns fester

US crude for June was down 27 cents at $49.06 a barrel. The respondents expect smaller price cuts for Arab Medium and Arab Heavy crude as Saudi Arabia could continue to tighten exports of these grades to comply with a deal by OPEC and some non-OPEC producers to cut output.

OPEC and participating non-OPEC countries meet on May 25 to discuss whether to extend the reduction.

The U.S. rig count rose by 9 to 697, extending an 11-month drilling recovery to the highest level since August 2015.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce the output by 558,000 barrels per day starting from January 1 for six months, extendable for another six months.

Reports of an extension of the OPEC-led plan to cut output should provide support.

"During these last days we received a positive signal from OPEC members and non-OPEC contributors in this agreement for cutting the production for extending this agreement for the second half of 2017", Minister Bijan Zanganeh told reporters.

The oil market is expected to rebalance in 2017 and oil price is likely to be at $55/b.

Elsewhere on Nymex, gasoline futures for June lost 0.6 cents, or about 0.4% to end at its lowest since February 28 at $1.548 on Friday.

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